Bill File

Energy Transition Act (SB 489)

BILL SUMMARY:

Gov. Michelle Lujan Grisham, D-N.M., signed into law SB 489, the Energy Transition Act (ETA), which boosts New Mexico’s renewable portfolio standard (RPS) and establishes a target of 100% carbon-free power by midcentury. ETA creates a pathway for a low-carbon energy transition away from coal while providing workforce training and transition assistance to affected communities. ETA mandates an RPS of 50% by 2030 for New Mexico’s investor-owned utilities and rural electric cooperatives, as well as a goal of 80% by 2040. It also mandates 100% carbon-free power for the state’s investor-owned utilities and rural electric cooperatives by 2045 and 2050, respectively. h This legislation boldly commits New Mexico to a rapid power transition, positioning the state as a renewable energy leader and signaling to forward-looking companies that this is a place to invest.